FYI:IRS Advance Child Tax Credit letters may not be accurate

Technical topics regarding tax preparation.
#1
Keyad22  
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FYI: IRS Advance Child Tax Credit letters may not be accurate

From Spidell

We’ve heard from numerous tax professionals that the Letters 6419 that the IRS is sending out to taxpayers summarizing the amounts of Advance Child Tax Credit payments sent to them are not reporting accurate amounts.

We recommend that tax professionals verify with their clients that the amounts reported on Letter 6419 are accurate. If they appear inaccurate, the amounts should be verified by pulling the taxpayer’s transcript, going to the Child Tax Credit Update Portal (www.irs.gov/credits-deductions/child-ta ... ate-portal), or looking at the amounts actually deposited into the taxpayer’s bank account. These latter options show the accurate amounts and will be the amounts used by the IRS in any type of audit.
 

#2
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I've not seen any inaccurate letters yet, but I do know that it caught me off guard that taxpayer and spouse each get a letter for half. I was expecting the total to be on one letter.
 

#3
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The letters were sent to print before some taxpayers got the last payment. They should only be wrong if the last payment did not go through because the taxpayer closed the account the direct deposit was being sent to. It should be pretty uncommon.
Because on T.A. ten was the most you were allowed
 


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